Bangladesh, April 30 -- With Klaus Schwab stepping down after more than five decades at the helm of the World Economic Forum (WEF), the organization faces an inflection point more critical than any in its history. Schwabs leadership created the WEFs brand – a convener of global elites, innovators, and decision-makers – but todays world demands much more than a simple changing of the guard. As economic fragmentation, geopolitical instability, and rapid technological transformation reshape the global order, the WEF must do more than replace a leader. It must reinvent itself.

The era in which Schwab founded the WEF was one characterized by an almost religious faith in globalization, free markets, and institutions built to bridge...